What are the different types of business loans?
An example of an AI chatbot conversation about various business loan types.
What are the different types of business loans?
There are several types of business loans, including term loans, SBA loans, lines of credit, and equipment financing.
Can you explain what a term loan is?
A term loan is a lump sum of money borrowed for a specific period, usually with fixed repayment terms and interest rates.
What about SBA loans? How do they work?
SBA loans are partially guaranteed by the Small Business Administration, making them less risky for lenders and often easier to qualify for.
Are there any specific requirements for getting a line of credit?
Yes, typically lenders look at your credit score, business revenue, and time in business when considering a line of credit.
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